TP ICAP Regulatory News (TCAP)

02 November 2018

TP ICAP PLC

Trading Update

TP ICAP plc (the "Company") is today issuing a trading update for the four months ended 31 October 2018. 

Revenue in the four months to October 2018 of £568m was 1% higher than the £562m revenue for the same period last year and 1% higher at constant exchange rates. Year to date (January to October) revenue of £1,478m was 1% lower than the £1,487m revenue for the same period last year and 3% higher at constant exchange rates.

In the four months to October revenue growth reflects mixed market conditions during the period. Global Broking revenue for the period was in line with the prior year and 3% higher year to date on a constant currency basis with both Rates and Equities performing well. Energy & Commodities revenue was in line with the prior year period, and 2% lower year to date on a constant currency basis, with market conditions remaining challenging across the majority of our Energy & Commodities products.

Our Data & Analytics business saw strong revenue growth in the period of 11%, and 7% year to date on a constant currency basis, as the business has benefitted from strategic changes implemented by its new management. Institutional Services revenue grew by 12% in the period and 7% year to date on a constant currency basis with COEX in particular seeing significant growth.

We expect the outcome for the full year to be in line with our guidance.

The Company will report the preliminary results for the 2018 financial year on 19 March 2019.

Nicolas Breteau, Chief Executive, TP ICAP plc, said: "Today's trading update demonstrates that TP ICAP is well placed to grow in mixed market conditions, characterised by periodic volatility that we saw in October following the US Federal Reserve's rates decision.

This underlines our firmly-held belief that investing in growth areas such as Data & Analytics will benefit TP ICAP over the longer-term as we develop solid and scalable revenues across our global businesses.

I am also pleased to announce the acquisition of Axiom Commodity Group, an energy and commodities broker based in the US. The purchase of Axiom, which has 22 brokers and specialises in crude oil, refined oil products, ethanol and physical grains, continues the expansion of our Energy & Commodities division and reinforces our existing presence in Houston, Texas."

For further information:

Analysts and Investors

Sam Dobbyn

Group Head of Financial Planning and Analysis

sam.dobbyn@tpicap.com

+44 (0) 20 7200 7147

Media

Rebecca Shelley

Group Corporate Affairs Director

rebecca.shelley@tpicap.com

+44 (0) 20 7200 7750

Jamie Dunkley 

Group Media Relations Director

jamie.dunkley@tpicap.com

+44 (0) 20 7200 7524

Notes to Editors:

About TP ICAP

TP ICAP Group manages a portfolio of businesses, providing intermediary services, contextual insights and intelligence, trade execution solutions and data and analytics. 

For further information on TP ICAP please visit www.tpicap.com